Mike Ashley is set to meet with the board of Newcastle next week as he attempts to push through his takeover of the club.

The sportswear tycoon bought a 41.6 per cent holding in the St James's Park club from  former chairman Sir John Hall and his family on Wednesday for in excess of £55 million.

Because of a fractured rib current chairman Freddy Shepherd was out of circulation when news of St James's Holdings Limited's takeover bid, which would be worth £133.1 million in total, broke on Wednesday.

But a board meeting has now taken place and Ashley has been invited to "an early meeting" next week.

City analysts do not believe Ashley will have any difficulty in reaching the 50 per cent-plus mark which was the condition of his 100p-a-share offer but Shepherd's decision - he holds a stake of around 29.8 pre cent - will be key to his hopes of acquiring the 75 pre cent he would need to make full control almost inevitable.

A statement released by the club to the Stock Exchange this afternoon read: "The board of Newcastle United has met to discuss the SJHL offer and has requested an early meeting with Mike Ashley and his team and look forward to discussing the offer and his plans for Newcastle United in more detail.

"It is hoped that this meeting will take place next week."

Hall insists he has done a deal with the right buyer. Speaking on BBC Radio Newcastle,said: "We have a had a few people come to us - quite a few - but many of them were not the right ones for the club.

"I feel basically Mike Ashley and his team, they are the right ones," said Hall. "He will take us to, in my view, a new dimension. I am certain he will be good for the club or I would not have sold to him."

Ashley is notoriously publicity-shy, and while Sir John believes that may have to change if he gains control of the club, he is confident his business acumen can only help a business which has debts of around £80 million.

"His team know their business. Some of his team know Newcastle United very well," added Hall. "He probably does his business in a quiet way, but look where he has got today.

"He has got a huge business. What did he make - £900 million out of that float? That says something about that man.

"Even if he is quiet, he knows the passion of the fans, he knows how much it means on Tyneside.

"I have talked to him enough to be assured they have got the passion for the club as we all have."

Ashley's investment has prompted hopes on the part of the fans that he could be prepared to pour more of his estimated £1.9 billion fortune into strengthening on the pitch.

Manager Sam Allardyce, who was himself taken by surprise by this week's developments as he was on holiday, is already planning his summer spending, but may yet have a bigger-than-expected budget with which to play.

Accordingly, the rumour mill has thrown up a series of new names as potential targets with the latest being Barcelona striker Eidur Gudjohnsen and Liverpool winger Bolo Zenden.